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Topic starter
02/09/2011 11:10 am
Okay so here is another one.
I bought a new 64 1/2 Mustang, poppy red with white
interior, 289/225 HP, 4 speed and rally pack on the steering
column, beautiful car. The dealer I bought it from however
wasn't a Ford dealer and he was a new dealer in town selling
special interest cars, high end, and he got this new Mustang
from a Ford dealer in Another state in some kind of a
package deal with a bunch of other cars. Mustangs had not
been out long and were still a little hard to get and our
Ford dealer still could not get one like this so I bought
it.
Little did I know what I was in for.
This dealer and the bank had a scam going where after a
short while they would repo a car, they got mine, saying
payments were not being made, bank doing some funny paper
work, resell the car, come after me and others like me for
the difference and the only way out at the time was
bankruptcy. So I lost my new Mustang. And while I had it I
was also told by the Ford dealer Lockwood Ford that it was
on Ford Motor Company hot list for no warranty work to be
done as it was not sold properly and with proper paper work
filed with Ford so nothing was covered.
Last I knew of the car the guy that did get it rolled it and
totaled it out so it never had a chance as a car to survive.
I recovered, the dealer and the official from the bank went
to the federal penn. for a very long time and the rest is
history as they say.
02/09/2011 11:41 am
Didn't you have documentation to prove that your payments were current?
Topic starter
02/09/2011 12:13 pm
I did but didn't do any good
For some reason this thing went real deep and everyone that
bought a car from this dealer was effected the same way.
Can't remember all the exact details but just remember my
attorney said they had me then only later to find out after
it was all over just what really happened but by then it was
to late. The dealer and the bank official went down hard
that is all I know but at the time the courts took the banks
side in believing that payments were not being made. The
bank made it look very official and I didn't have a checking
account back then and I didn't keep very good records sorry
to say. I had some copies of payments made and couldn't find
some. Guess I never expected anything like this to
happen.Yes I know very stupid but I learned the hard way. I
can't speak for the other folks involved and there were
several.
02/09/2011 1:03 pm
Man that's an interesting story, I have been a banker for 35 years now and can't imagine something like that happening today.
Topic starter
02/09/2011 1:42 pm
I have to wonder how they ever thought they could get by with such a thing.
without getting caught ?